Itc reversal on capital goods

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ICWA Inter Student & working as an Acco
33 Points Posted on 29 June 2019

Dear sir,

               One of my client purchase motor vehicle for his business during the financial year 2017-18 at that time we take ITC from Motor vehicle.  Now the dealer wants to sale the vehicle due to vehicle damage and loss occur.  What is the procedure to reverse the ITC.  Please guide me

Thanks & Regards

S.Mahendrakumar  

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On 29 June 2019 at 19:47 Report
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In Practice
54 Points Posted on 29 June 2019
you cannot take itc on motor vehicle at first place, so you should reverse it and deposit with int

follow us on fb.com/sac062019
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On 29 June 2019 at 20:11
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Bhopal
1095 Points Posted on 29 June 2019
CA. Ankit singla...... there are certain exceptions to that rule......
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On 29 June 2019 at 22:48
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faridabad
88 Points Posted on 01 July 2019
You may have to pay full amount of itc taken by you with interest as itc taken in past. You are not eligible to take itc on car was purchased for business.
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On 01 July 2019 at 23:45
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PRACTICE FROM CHENNAI
200 Points Posted on 09 July 2019
Not eligible on Motor Cars ! Some exceptions like bus services etc
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On 09 July 2019 at 08:15

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